Importers and exporters to use credit cards for international trade to meet forex compliance

The Importers and Exporters Association of Ghana is advising its members who plan to travel abroad to load funds onto their credit or Visa cards rather than carry large amounts of cash.

The directive is to help members comply with the Bank of Ghana’s revised thresholds on foreign currency holdings: $10,000 for inbound travellers and $50,000 for outbound travellers.

The new guidelines, introduced as part of broader anti-money laundering measures, regulate the importation and exportation of foreign currency.

Speaking to Citi Business News, the Association’s Executive Secretary, Samson Asaki Awingobit, welcomed the central bank’s move, describing it as consistent with international best practices.

“You can load more than $10,000 onto your credit card or Visa card. If you need to purchase goods above that amount, it should be done through a proper bank-to-bank transaction. That’s why we are encouraging the business community to sign up for credit cards and use them for international trade,” he explained.

Meanwhile, the Bank of Ghana has reiterated that:

Travellers carrying over $10,000 must declare it in full using the official FX-5 form from the Customs Division of the Ghana Revenue Authority (GRA), stating the source and purpose of the funds.

Inbound travellers with more than $10,000 must also provide proof of declaration from their port of origin.

Outbound travellers carrying over $50,000 must declare the funds and submit supporting documents such as endorsed forex bureau receipts and bank slips showing withdrawal or purchase of the currency.